Armando Pantoja, a prominent crypto figure, recently shared details of a notable development in the ongoing class action lawsuit filed against Ripple by a group of plaintiffs led by Zakinov.
The United States District Court for the Northern District of California has signaled openness to an alternative resolution that could expedite the conclusion of this high-profile case.
The court’s order, dated October 28, 2024, comes in response to a joint motion for the entry of final judgment and stay filed by the parties involved.
The court’s directive suggests that the parties consider a voluntary dismissal without prejudice of the remaining individual claim. This dismissal would allow the claim to be re-filed after the appeal resolution on the class claims.
This approach would maintain the legal framework established in previous proceedings, potentially waiving any statute of limitations issues that might arise.
The Court’s Proposition
Judge Phyllis J. Hamilton’s order outlines the proposed alternative resolution. She emphasizes the importance of considering this approach to avoid prolonged litigation.
This proposal is significant as it shows the court’s willingness to streamline the legal process, and mirrors the sentiment of many in the crypto world who want a swift resolution to the lawsuit.
The legal battle caused some turmoil in the crypto community when the court ordered all U.S.-based exchanges to reveal personal information of traders, including identities and transaction history to the plaintiffs’ legal team as part of the discovery process.
However, Kraken fought this decision to protect its users’ data, and the court ruled in its favor in early 2024, setting a significant precedent that protects crypto users’ personal information.
The two parties have until November 4, 2024, to file an amended order if they agree to this proposed resolution. If not, they are required to file a notice indicating their stance by the same date.
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Implications for XRP and the Crypto Market
The potential for a swift resolution in the Ripple case is noteworthy for the broader cryptocurrency market, particularly for XRP holders and investors. The Ripple v. Zakinov case challenges XRP’s security status in California, and a resolution would finally set it free and affirm its non-security status. Pantoja highlighted the significance of this development, noting that the resolution would mean “faster closure for $XRP.”
The November 4, 2024 deadline will be a crucial date to watch. Should the parties agree to the court’s proposed resolution, it would mark a significant turning point, setting XRP free to fully partake in the coming bull run as recently predicted would start in November.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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